MNI China Daily Summary: Wednesday, December 11

MNI BRIEF: Chinese Rail Passenger Numbers Break Record

MNI: PBOC Net Injects CNY37.3 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1843 Weds; -1.22% Y/Y

MNI BRIEF: Brazil Not Even Close To Fiscal Dominance - David

CORRECTED-MNI BRIEF: Brazil Inflation Rises To 4.87% In Nov

EZ/UK Bond Supply Calendar: 4.25% Jul-34 Gilt Due Wednesday

EZ/UK T-Bill Calendar: 12-Month BOT Auction on Wednesday

MNI: JAPAN NOV CORP GOODS PRICE INDEX +3.7% Y/Y; OCT REV +3.6%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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Pressured As CPI Prints Below Expectations

NZD

NZD/USD prints at $0.6170/75, the pair is ~0.5% softer today.

  • Q1 CPI printed below expectations, CPI fell to 1.2% Q/Q from 1.4% Q/Q in Q4 2022 an uptick to 1.5% Q/Q had been expected. Tradeable CPI fell to 0.7% Q/Q from 1.4% and Non-Tradeable CPI ticked marginally higher to 1.7% Q/Q from 1.5%.
  • NZD/USD has been pressured in the aftermath of the release, support is seen at $0.6162 the low from April 17. A break through here opens year to date lows at $0.6085.
  • AUD/NZD has firmed, the pair is up ~0.4%. The pair now sits at the 200-Day EMA ($1.0871). A break through here opens $1.0970, 76.4% Fibonacci retracement of the Feb-Apr bear leg, and $1.1088 the 2023 high.
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